A man, a plan, a canal: Panama rival unveiled
Mystery Beijing businessman Wang Jing is due to tell the world today about his scheme to build a US$40b canal across Nicaragua
In just a few hours, the world should know more about a mysterious Beijing businessman who turned the global transport world on its ear this month after winning approval to build a US$40 billion canal across Nicaragua, in a direct challenge to the Panama Canal.
If it goes ahead, the new canal would underscore the growing influence and power of China's business sector, just as the creation of the Panama Canal emphasised the arrival of the United States as an economic power at the start of the last century.
Wang Jing, 41, is due to brief media later today in a news conference in Beijing on his ambitious plan to challenge the Panama Canal, whose construction, completed 99 years ago, caused a brief war and resulted in the creation of a new country.
Wang Jing made his presence felt on the mainland when he bought into the cash-strapped Xinwei Telecom Enterprise Group in 2010, a pioneer in the mainland's 3G telecommunication technology industry.
Xinwei had developed the 3G wireless communication technology SCDMA, better known as Dalintong, in 2004. But the technology was overtaken by TD-SCDMA in 2009, leaving Xinwei facing substantial losses when Wang rescued it by purchasing a 40 per cent stake.
Wang remains an enigma after more than 20 years in businesses ranging from mining and airlines to telecommunications, according to National Business Daily, an online publication based in China.